The jackpot for the Powerball draw on Sat Dec 14, 2024, is projected to be $45 Million, with an option for a cash payout of $21.7 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New York residents, the state will deduct 8.82% from your lottery earnings.
| New York Powerball Jackpot/Cash Option for Sat Dec 14, 2024 |
|---|
| Draw Date | Sat Dec 14, 2024 | | Projected Jackpot | $45,000,000 | | Cash Value | $21,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,700,000 | | Federal Tax(24%) | $5,208,000 | | Additional Federal Tax | $2,781,330 | | State Tax(8.82%) | $1,913,940 | | Net Lumpsum Payment | $11,796,730 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$677,295 |
$210,930
$59,737 |
$406,628 |
| 2 |
$711,180 |
$223,467
$62,726 |
$424,987 |
| 3 |
$746,730 |
$236,620
$65,862 |
$444,248 |
| 4 |
$784,080 |
$250,440
$69,156 |
$464,484 |
| 5 |
$823,275 |
$264,942
$72,613 |
$485,720 |
| 6 |
$864,450 |
$280,177
$76,244 |
$508,029 |
| 7 |
$907,650 |
$296,161
$80,055 |
$531,434 |
| 8 |
$953,055 |
$312,961
$84,059 |
$556,035 |
| 9 |
$1,000,710 |
$330,593
$88,263 |
$581,854 |
| 10 |
$1,050,750 |
$349,108
$92,676 |
$608,966 |
| 11 |
$1,103,265 |
$368,538
$97,308 |
$637,419 |
| 12 |
$1,158,435 |
$388,951
$102,174 |
$667,310 |
| 13 |
$1,216,350 |
$410,380
$107,282 |
$698,688 |
| 14 |
$1,277,190 |
$432,891
$112,648 |
$731,651 |
| 15 |
$1,341,045 |
$456,517
$118,280 |
$766,248 |
| 16 |
$1,408,095 |
$481,326
$124,194 |
$802,575 |
| 17 |
$1,478,475 |
$507,366
$130,401 |
$840,708 |
| 18 |
$1,552,410 |
$534,722
$136,923 |
$880,765 |
| 19 |
$1,630,035 |
$563,443
$143,769 |
$922,823 |
| 20 |
$1,711,530 |
$593,596
$150,957 |
$966,977 |
| 21 |
$1,797,120 |
$625,265
$158,506 |
$1,013,349 |
| 22 |
$1,886,985 |
$658,515
$166,432 |
$1,062,038 |
| 23 |
$1,981,305 |
$693,413
$174,751 |
$1,113,141 |
| 24 |
$2,080,395 |
$730,077
$183,491 |
$1,166,827 |
| 25 |
$2,184,390 |
$768,555
$192,663 |
$1,223,172 |
| 26 |
$2,293,650 |
$808,981
$202,300 |
$1,282,369 |
| 27 |
$2,408,310 |
$851,405
$212,413 |
$1,344,492 |
| 28 |
$2,528,730 |
$895,960
$223,034 |
$1,409,736 |
| 29 |
$2,655,180 |
$942,747
$234,187 |
$1,478,246 |
| 30 |
$2,787,930 |
$991,864
$245,895 |
$1,550,171 |
|
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